What this discussion should make clear is that secular stagnation isn’t much of a puzzle. Rather, it is a dilemma. The ageing societies of the rich world want rapid income growth and low inflation and a decent return on safe investments and limited redistribution and low levels of immigration. Well you can’t have all of that. And what they have decided is that what they’re prepared to sacrifice is the rapid income growth. In aggregate that decision looks somewhat reasonable if not entirely right. But it is a choice with pretty significant distributional consequences. And the second era of secular stagnation will come to an end when political and demographic shifts allow the losers from this arrangement to say: enough.